El Paso has effectively exited the wholesale power trading market by selling the majority of its power trading portfolio.
Morgan Stanley Capital Group bought the bulk of the portfolio from the El Paso Marketing subsidiary for $442 million.
As a result of the sale, El Paso Marketing's power deal count is reduced from 921 deals to 104. Its credit exposure is reduced from 24 counterparties to two.
"This transaction will eliminate market risk for most of our power positions and further simplify our